Gatehouse estates

Currency Conversion – Trust Your Dealer

In these difficult times, you need all the help you can get just to keep hold of your hard earned money.

  • You may be in business and have a need to regularly pay suppliers abroad.
  • You may be an expatriate and have a need for a regular monthly payment to be transferred overseas.
  • You may have decided to emigrate and have a need to move nearly all of your savings.
  • You may have just decided to buy that, longed for, holiday home abroad and have a need to transfer your savings as a deposit.

Whatever your reason for moving money abroad and having to exchange the currency to another type, you need to choose your currency dealer wisely. This is mainly because there are usually seemingly small charges applied to the currency exchange deal AND some foreign exchange brokers will not give you the best rate available.

Yesterday, I even heard of 2 different banks who offered a client a rate of exchange that sounded competitive and confirmed that there would not be any charges by them for the transfer or at the receiving bank. In both cases, this was completely untrue! The clients dutifully told their managers to make the transfers. When they received their exchanged money, charges had been applied at both the sending and receiving banks in addition to a completely different rate of exchange being applied!

When each client visited their banks for an explanation, it was like the bank managers were reading from the same script. Both offered the lame excuse that they merely processed the exchange of currency. After that, the rate of exchange was applied by the dealing room whenever they got around to doing the deal. No explanation was offered to explain the charges.

If these people had used a professional currency exchange dealer, they would have had a contract with the rate of exchange on it and a full explanation of charges applied if there were any. They would have known exactly how much they would receive.

Why use a bank when you are protected by this form of contract? If you regularly make payments abroad, or need to make a one-off currency exchange try You will be dealing with professionals.

Other pages you might find helpful:

Tell us what you think

This is your chance to tell Gatehouse Estates what you think of the above post, was it helpful?

You must be logged in to post a comment.

Gatehouse estates
Do NOT follow this link or you will be banned from the site!